Align Technology, Inc. (NASDAQ:ALGN) Receives $322.78 Consensus Target Price from Brokerages

Shares of Align Technology, Inc. (NASDAQ:ALGN) have earned an average recommendation of “Moderate Buy” from the ten brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $322.78.

ALGN has been the topic of several analyst reports. OTR Global reiterated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Stifel Nicolaus cut their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. Robert W. Baird decreased their price objective on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. StockNews.com lowered shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Finally, Morgan Stanley decreased their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th.

Institutional Trading of Align Technology

Large investors have recently modified their holdings of the company. YHB Investment Advisors Inc. lifted its position in Align Technology by 19.9% during the 2nd quarter. YHB Investment Advisors Inc. now owns 9,721 shares of the medical equipment provider’s stock worth $2,347,000 after buying an additional 1,611 shares in the last quarter. Versor Investments LP lifted its position in shares of Align Technology by 385.3% in the second quarter. Versor Investments LP now owns 7,139 shares of the medical equipment provider’s stock worth $1,724,000 after purchasing an additional 5,668 shares in the last quarter. GraniteShares Advisors LLC boosted its holdings in shares of Align Technology by 28.2% in the 2nd quarter. GraniteShares Advisors LLC now owns 2,404 shares of the medical equipment provider’s stock valued at $580,000 after buying an additional 529 shares during the last quarter. AM Squared Ltd increased its stake in shares of Align Technology by 150.0% during the 2nd quarter. AM Squared Ltd now owns 500 shares of the medical equipment provider’s stock worth $121,000 after purchasing an additional 300 shares during the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in Align Technology in the second quarter valued at approximately $2,157,000. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Down 1.5 %

Shares of ALGN opened at $228.33 on Friday. The firm has a market cap of $17.19 billion, a PE ratio of 37.62, a price-to-earnings-growth ratio of 5.24 and a beta of 1.66. The company’s fifty day moving average is $246.44 and its two-hundred day moving average is $279.27. Align Technology has a fifty-two week low of $176.34 and a fifty-two week high of $375.68.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating the consensus estimate of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm posted $1.73 earnings per share. Align Technology’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Align Technology will post 7.64 earnings per share for the current year.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.